PRP buys $340M property stake; Amazon plans warehouse in Sunrise, Fla.

TOP NEWS IN REAL ESTATE

* Keystone Property Group Inc. sold a preferred equity stake in the new AmerisourceBergen Corp. headquarters building in Conshohocken, Pa., to PRP Real Estate Investment Management, the Philadelphia Business Journal reported. PRP acquired an 89% interest for about $340 million, sources told the publication. Keystone will control the remaining stake in the 429,122-square-foot office building.

* Amazon.com Inc. is planning to build a 823,969-square-foot warehouse on a 133.3-acre site in Sunrise, Fla. Foundry Commercial filed site plan and plat applications with the city for the fulfillment center, the South Florida Business Journal reported.

➤ Cohen & Steers boosts stakes in Sun Communities, Healthpeak, CyrusOne in Q4'20

Cohen & Steers' U.S. equity real estate investment trust portfolio increased in the fourth quarter of 2020, valued at $36.67 billion, as the firm added six positions and boosted shares in 25 existing holdings.

➤ US Treasury yields surge, curve steepens as bond traders look past pandemic

Treasury yields have risen to levels not seen since before the COVID-19 pandemic, the yield curve has steepened to a degree not seen in years, and equities are starting to take the hit.

OFFICE

* Alexandria Real Estate Equities Inc. paid $200 million to acquire the 51-acre, 17-building Canyon Park Business Center in Bothell, Wash., from a joint venture between SteelWave and PCCP, the Puget Sound Business Journal reported.

RESIDENTIAL

* Oaktree Capital Management LP provided just under $63.7 million in condominium inventory financing to a partnership between Brooklyn, N.Y.-based LIVWRK LLC and CIM Groupon for a 12-story residential condo development in Crown Heights in Brooklyn, Commercial Observer reported, citing sources and records filed with the New York City Department of Finance.

INDUSTRIAL

* Confluent Development Services LLC and Invesco Real Estate Ltd. are planning 243,950-square-foot infill industrial campus in Denver, the Denver Business Journal reported. The Central Park Business Center at 9575 E. 40th Ave. will consist of two buildings divisible down to nearly 20,000 square feet.

* EverWest Real Estate investors acquired Tower Business Center, a two-building industrial portfolio in Aurora, Colo., for $66.5 million., the Denver Business Journal reported. The 422,961-square-foot buildings are located at 18701 and 18901 E. 38th Ave. in the Denver airport submarket.

INDUSTRY NEWS

* Hong Kong property tycoon Li Ka-shing intends to raise funds by listing a special purpose acquisition company in the U.S. A company backed by Li Ka-shing's family is working with advisers on the potential IPO and considering to seek nearly $400 million, The Business Times reported, citing people with knowledge of the matter.

* South Korea has become the second topmost investor in U.S. real estate after Canada, The Real Deal reported, citing Real Capital Analytics. Capital flows from South Korea rose 88% year over year to $5.2 billion, making it the largest source of cross-border commercial real estate investment from outside the continent in a year when foreign investment in U.S. real estate declined otherwise. The report noted that South Korean buyers have filled the gap left by Chinese conglomerates after stricter capital controls in China.

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